来源：瑞恩资本RyanbenCapital 卓易信息(688258.SH)于2019年12月9日在上交所上市，截至2025年11月21日午间收市，其总市值约74.99 亿元人民币。 (截图来自雪球) 来自江苏宜兴的A股上市公司卓易信息(688258.SH)发布公告称，为充分借助国际资本市场的资源优化资 本结构，拓宽融资渠道，进一步推进公司全球化发展战略及海外业务布局需要，提升品牌影响力与核心 竞争力，巩固行业领先地位，全面提升公司综合实力，公司正在筹划发行境外股份（H股）并在港交所 上市事宜。 卓易信息指，公司正与相关中介机构就本次H股上市的具体推进工作进行商讨，相关细节尚未确定，本 次H股上市不会导致公司控股股东和实际控制人发生变化。 卓易信息，成立于2008年5月12日，是国内云计算设备核心固件领域的领先企业，深耕基础软件行业， 以自主知识产权的云计算设备核心固件(BIOS、BMC)技术与IDE技术、云平台技术为依托开展业务。公 司主要为政企客户、中小软件企业及软件开发人员提供集成化开发工具(IDE)产品及服务、为CPU和计 算设备厂商提供云计算设备核心固件(BIOS、BMC)产品和服务以及为政企客户提供 ...

Core Viewpoint - Zai Jian Pharmaceutical plans to issue overseas listed shares (H shares) and apply for listing on the Hong Kong Stock Exchange to enhance its international brand recognition and competitiveness [2] Group 1: Company Overview - Zai Jian Pharmaceutical was established in 2009, with a registered capital of 265 million yuan, focusing on the research, production, and sales of chemical and biological new drugs [2] - The company is currently led by Sheng Zelin, who serves as both Chairman and General Manager [4] Group 2: Financial Performance - For the first three quarters of 2025, Zai Jian Pharmaceutical reported a revenue of 593 million yuan, representing a year-on-year increase of 54.49% [2][3] - The net profit attributable to shareholders was -93.42 million yuan, slightly improved from -97.90 million yuan in the same period last year [2][3] - The total profit for the reporting period was -209.05 million yuan, with a cash flow from operating activities of -16.73 million yuan [3]

Core Viewpoint - Lakala Payment Co., Ltd. is facing declining performance in its financial results for the first three quarters of 2025, with revenue and net profit both decreasing year-on-year, while simultaneously preparing for an "A+H" stock listing amid significant shareholder reductions [2][7][14]. Financial Performance - For the first three quarters of 2025, Lakala reported revenue of 4.068 billion yuan, a year-on-year decrease of 7.32%, and a net profit attributable to shareholders of 339 million yuan, down 33.9% [2]. - The decline in revenue is attributed to overall pressure on card payments, with digital payment revenue decreasing by 7.63% year-on-year [2]. - In Q3 2025, Lakala achieved revenue of 1.417 billion yuan, a slight increase of 0.72% year-on-year, and a net profit of 110 million yuan, up 17.46% year-on-year, primarily due to the consolidation of Tian Cai Shang Long and growth in technology business revenue [2][6]. Historical Performance Trends - From 2019 to 2024, Lakala's revenue exhibited significant volatility, with figures of 4.899 billion yuan, 5.562 billion yuan, 6.618 billion yuan, 5.394 billion yuan, 5.938 billion yuan, and 5.762 billion yuan, showing year-on-year changes of -13.73%, 13.53%, 18.98%, -18.50%, 10.09%, and -2.98% respectively [4]. - In terms of net profit, the figures for the same period were 806 million yuan, 931 million yuan, 1.083 billion yuan, -1.437 billion yuan, 458 million yuan, and 351 million yuan, with year-on-year changes of 34.50%, 15.43%, 16.31%, -232.75%, 131.85%, and -23.26% [6]. Upcoming Listing and Shareholder Actions - Lakala has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to establish an "A+H" stock structure, with a total payment volume exceeding 4 trillion yuan in 2024 and a market share of 9.4% in the independent digital payment service provider sector [7][14]. - The company has faced significant shareholder reductions, with major shareholder Sun Haoran planning to reduce his holdings by up to 19.27 million shares, representing 2.45% of the total share capital, and has completed this reduction, cashing out approximately 493 million yuan [8][10][11].

Group 1 - The company, Seres, plans to issue 100.2 million H-shares in its IPO, with 10.02 million shares available for public offering in Hong Kong and approximately 90.18 million shares for international offering, subject to reallocation based on demand and the exercise of over-allotment options [2] - If the maximum offering price is set at HKD 131.50 per share and assuming no adjustments to the offering size or over-allotment options, the expected net proceeds from the IPO would be HKD 12.9249 billion [2] - Upon successful listing, Seres is set to become the largest IPO for an automotive company in Hong Kong this year, surpassing a recent record set by Chery [2] Group 2 - Seres is a technology-driven enterprise focused on the research, development, manufacturing, sales, and service of new energy vehicles and core components [3] - In 2024, Seres is projected to achieve revenue of CNY 145.176 billion, representing a year-on-year growth of 305.04%, with a net profit attributable to shareholders of CNY 5.946 billion [3] - For the first half of 2025, Seres reported revenue of CNY 62.402 billion, a decrease of 4.06% year-on-year, while net profit attributable to shareholders increased by 81.03% to CNY 2.941 billion [3] - Seres has collaborated with Huawei since 2021 to launch the AITO brand, which includes a product matrix of four models: M9, M8, M7, and M5 [3] - In September, Seres sold 44,678 new energy vehicles, marking a year-on-year increase of 19.44%, while total sales for the first nine months reached 304,600 units, a decrease of 3.82% year-on-year [3]

Core Insights - The Hong Kong Stock Exchange (HKEX) has seen 67 new listings in the first nine months of 2025, raising HKD 182.9 billion, primarily driven by "A+H" listings, which accounted for 50% of total IPO fundraising [1] - Sany Heavy Industry is set to launch its IPO with a target price range of HKD 20.3 to 21.3, aiming to raise approximately HKD 12.36 billion [10] - The company has demonstrated strong financial performance, with a 14.96% year-on-year increase in revenue and a 46% increase in net profit in the first half of 2025 [5] IPO Information - Company Name: Sany Heavy Industry (06031.HK) [1] - Industry: Industrial Manufacturing [1] - Offering Period: October 20 to October 23, 2025 [1] - Total Shares Offered: 580 million shares, with 10% for public offering and 90% for international placement [1] - Price Range: HKD 20.3 to 21.3 [1] - Market Capitalization: Approximately HKD 183.81 billion to 192.87 billion [1] - P/E Ratio: 30 times [1] - Minimum Subscription Amount: HKD 4,303 [1] - Listing Date: October 28, 2025 [1] - Cornerstone Investors: 23 investors subscribed for 48.8% of the offering [1] Company Overview - Sany Heavy Industry, founded in 1994 and headquartered in Beijing, is the largest engineering machinery company in China and the third largest globally [1] - The company specializes in the research, manufacturing, sales, and service of a full range of products, including excavators, concrete machinery, and cranes [1] Financial Performance - For the years 2022 to 2024, Sany Heavy Industry reported revenues of RMB 80.84 billion, RMB 74.02 billion, and RMB 78.38 billion, respectively, with net profits of RMB 4.43 billion, RMB 4.61 billion, and RMB 6.09 billion [4] - In the first half of 2025, the company achieved revenue of RMB 44.53 billion and a net profit of RMB 5.22 billion, reflecting a significant increase in profitability [5] Market Position - Sany Heavy Industry ranks first globally in excavators and concrete machinery, with products sold in over 150 countries [3] - The company has a strong international presence, with overseas sales accounting for 60.26% of its main business revenue in the first half of 2025 [7] - The North American and European markets are projected to see significant growth in the engineering machinery sector by 2030, with expected revenues of USD 92.3 billion and USD 47.3 billion, respectively [8] Strategic Outlook - Despite challenges in the domestic infrastructure and real estate sectors, Sany Heavy Industry is well-positioned to capitalize on high demand in overseas markets, particularly in mineral development and energy infrastructure [8] - The company's strategic planning and solid business foundation are expected to enable it to maintain a leading position in the industry and create long-term value for investors [8]

Core Viewpoint - Cambridge Technology Co., Ltd. (stock code: 6166) has initiated its IPO process and plans to list on the Hong Kong Stock Exchange on October 28, 2025, aiming to raise up to HKD 46.15 billion (approximately USD 5.94 billion) through the issuance of 67.01 million H-shares at a maximum price of HKD 68.88 per share [1]. Group 1: IPO Details - The company has secured cornerstone investors, including prominent firms such as Baillie Gifford, MSIP, and Sequoia Capital, with a total subscription amount of USD 290 million [1][2]. - If the overallotment option is fully exercised, the total fundraising could reach HKD 46.15 billion [1]. Group 2: Financial Performance - Cambridge Technology reported revenues of RMB 3.78 billion, RMB 3.09 billion, and RMB 3.65 billion for the years 2022, 2023, and 2024, respectively, with gross profits of RMB 688.64 million, RMB 664.10 million, and RMB 762.25 million [5][6]. - The company's gross margins for the same years were 18.2%, 21.5%, and 20.9% [5]. - For the first half of 2025, the company achieved revenues of RMB 2.03 billion, with a gross profit of RMB 445.80 million and a gross margin of 21.9% [8]. Group 3: Business Overview - Cambridge Technology is an international enterprise serving the global ICT industry, focusing on the research, production, and sales of terminal devices for telecommunications, data communications, and enterprise/home networks [4]. - The company's products are utilized by major telecommunications operators and internet giants worldwide [4]. Group 4: Shareholding Structure - Gerald G Wong controls 16% of the company's shares, while Cambridge Industries Company holds 13.64% [9][15]. - The company has a diverse shareholder base, including various investment funds and institutions [11][13].

Core Viewpoint - 首创证券 has submitted an application for a dual listing on the Hong Kong Stock Exchange, aiming to become the 14th broker in the "A+H" listing category [2][3]. Group 1: Listing Process - On October 16, 首创证券 officially initiated the "A+H" dual listing process by submitting its prospectus to the Hong Kong Stock Exchange [5]. - The company has appointed four joint sponsors for the listing: CITIC Securities, China Galaxy International, CITIC Securities International, and Bank of China International [7][5]. Group 2: Fundraising Purpose - The funds raised from the Hong Kong listing will be allocated to support the development of core businesses, including asset management and investment, enhance IT and technology investments, and promote digital transformation [3][11]. - Specific uses of the raised funds include strengthening the capabilities of private equity subsidiaries, enhancing investment capabilities, and expanding the asset management business [12][13]. Group 3: Company Performance and Strategy - 首创证券 has shown a strong growth trajectory, ranking fifth in revenue and tenth in net profit growth among 42 A-share listed securities companies from 2022 to 2024 [8]. - The company aims to integrate international resources and enhance its global influence through this listing, while also contributing to the economic development of Beijing by providing financial support to local enterprises [8][14].

Core Viewpoint - The automotive industry is experiencing a surge in "A+H" share listings, reflecting a new phase of capital operation exploration and development within the sector [4][10]. Group 1: Market Trends - Several automotive companies, including SANY Heavy Industry, are pursuing "A+H" listings to tap into both A-share and Hong Kong markets, indicating a trend towards dual listings [3][4]. - The "A+H" listing model allows companies to leverage the advantages of both markets, with A-shares providing stable domestic funding and Hong Kong shares attracting international investors [4][5]. Group 2: Funding and Growth Opportunities - The dual listing strategy enables automotive companies to diversify funding sources, supporting long-term strategic needs such as technology development and capacity expansion [5][6]. - Listing in Hong Kong enhances brand recognition in international markets, allowing companies to attract global investors and partners [5][6]. Group 3: Corporate Governance and Efficiency - The stringent disclosure requirements of the Hong Kong market compel automotive companies to improve governance transparency and operational efficiency [6][8]. - Optimizing share structures and introducing strategic investors can enhance corporate stability and risk resilience, while employee incentive plans align interests and boost operational efficiency [6][8]. Group 4: Valuation and Market Positioning - The complementary valuation effects between A-shares and Hong Kong shares allow automotive companies to achieve more reasonable valuations and enhance market attractiveness [7][10]. - The focus on emerging sectors like electric and smart vehicles in the A-share market leads to higher valuations, while the Hong Kong market offers a global perspective on pricing [7][10]. Group 5: Industry Transformation and Competitive Advantage - The "A+H" listing model supports automotive companies in overcoming technological transformation challenges, facilitating a positive cycle of financing, research, and market recognition [8][9]. - Companies with dual market financing capabilities are better positioned to respond to market competition and industry changes, leading to increased industry concentration and high-quality development [9][10].

Core Viewpoint - Three Squirrels is seeking to expand its market presence through a Hong Kong IPO, aiming to revitalize its performance after a period of decline in the A-share market [1][2] Company Overview - Three Squirrels has received approval for its Hong Kong IPO, planning to issue up to 81.548 million shares within 12 months of the filing [1] - The company, originally focused on nut snacks, has attempted to pivot towards coffee and maternal and infant products to find new growth avenues [2][7] Financial Performance - In the first half of the year, Three Squirrels reported revenue of 5.478 billion yuan, a year-on-year increase of 7.94%, but net profit fell by 52.22% to 138 million yuan [3] - The company's cash flow from operating activities saw a drastic decline of 1075.08%, resulting in a negative cash flow of 377 million yuan [4] - Revenue has decreased from 9.794 billion yuan in 2020 to 7.115 billion yuan in 2023, a nearly one-third drop over three years [4] Market Challenges - The company faces challenges due to rising costs and increased competition, particularly as traditional snack brands adapt to online sales [5][6] - Sales expenses reached 1.119 billion yuan in the first half of the year, with a net profit margin of only 2.47%, indicating a struggle to maintain profitability [6] Strategic Initiatives - Three Squirrels has launched a coffee brand and expanded into the maternal and infant product sector, with the new brand "Little Deer Blue" generating 437 million yuan in revenue in the first half of the year [7] - The company is exploring international markets, particularly in Southeast Asia, as part of its growth strategy [7] Industry Context - The trend of A+H share listings is gaining momentum among consumer companies, driven by regulatory support and the need for improved liquidity and valuation [8][12] - The current market environment for consumer stocks is characterized by stricter primary market reviews and weaker secondary market performance, prompting companies to seek dual listings [12]

Core Viewpoint - The company Proya has announced plans to list its H-shares on the Hong Kong Stock Exchange to accelerate international expansion and enhance overseas financing capabilities, potentially becoming the first A+H share company in the beauty industry [1]. Financial Performance - Proya's revenue from 2021 to 2024 has shown a consistent upward trend, with figures of 46.33 billion, 63.86 billion, 89.05 billion, and 107.8 billion yuan, reflecting year-on-year growth rates of 23.47%, 37.82%, 39.45%, and 21.04% respectively [1]. - The net profit attributable to the parent company for the same period was 5.76 billion, 8.17 billion, 11.94 billion, and 15.52 billion yuan, with growth rates of 21.03%, 41.88%, 46.06%, and 30.00% [1]. Recent Performance Challenges - In the first half of this year, Proya reported revenue of 53.62 billion yuan, a year-on-year increase of only 7.21%, marking the lowest growth rate in nearly five years [2]. - The net profit for the same period was 7.99 billion yuan, with a growth rate of 13.80%, down from 40.48% in the previous year [2]. - The slowdown in growth is attributed to a decline in sales and average prices in the skincare and beauty makeup categories [2]. Sales and Marketing Expenses - Proya's sales expenses have been high, with ratios to revenue of 43.63%, 44.61%, and 47.88% from 2022 to 2024 [2]. - In the first half of this year, sales expenses reached 26.59 billion yuan, a 13.64% increase, accounting for 49.59% of total revenue [2]. - The increase in sales expenses is primarily due to higher platform service fees from online channel expansion, increased promotional efforts for new products, and investments in self-built MCN and content marketing teams [2]. Market Dynamics - The effectiveness of Proya's "spending for growth" strategy has diminished due to the decline in traffic benefits and rising platform fees, raising concerns about future revenue growth and cost pressures [2].